Hello my friends. I am a Scalper and I enter trades in 1m or 5m charts. I draw supports and resistance levels using 4hr and 1 hr charts and my sessions are UK and US. In 1mn chart i use 8,10,15,20,50,100 and 200 MA s to enter a trade when they cross. I plan to enter about 10 positions per day. that means I need to earn about 2 pips per trade and 20 per day. If the trade is going loss side more than 3 pips or maximum 4 pips i close the loss on that time as i need to minimize the loses. in 5 min charts i use RSI and bolinger bands with 12, 50, 100, and 200 MAs. in 5 min chart, i can not take more than 2 or three positions per day, so I mostly like to trade with 1min chart. I cut the losses quickly and take profits quickly as I do not know how the next candle. my friend I know this is not a perfect thinking but help me to scalp the market. My broker is Tickmill and the account is PRO. I do not have target pip amount per trade. I take what I feel. and I close losses quickly if it is 3 or 4 pip lose. I do not let the trade loss more than 4 pips. Help me to develop and give more ideas to make money with success.
This is certainly not a trading approach that I have personally ever tried but one aspect comes to mind here:
Usually, the generally accepted approach to any kind of short-term, intraday trading is to select busy periods such as LDN and NY times because of the increased ranges and general volatility during those times.
But I wonder in this case, where both target and stop are measured in single-digit pip amounts, would volatility actually be a problem and that the quieter times might in fact be more suitable?
I am just thinking that with such tight stops then entry level is absolutely critical and that is surely quite difficult in busy markets?
Just a thought here…
I’ll be blunt. Don’t do it. This system will be a death by a 1000 cuts. The cost of trading you destroy you.
Hi Sandausp, I’m not quite as blunt as _Bob, but he’s right, it will not consistently win you the 20 pips you are aiming for.
Firstly, the 4 hour S & R levels on your chart will be helpful in determining short term price direction. But your plan to have so many indicators for a 1 - 5 min Chart… it will either confuse the hell out of you or give so many conflicting signals that opportunities will be few and far between… Limit it to 1 or 2 Indicators… say RSI and one 8,12, 20 MA…
Use a pair with low spread ie: EURUSD, GBPUSD, AUDJPY, EURGBP…maybe a few others.
You can add a 100 - 200 WMA to give you a little confirmation and longer view of price direction.
ALWAYS practice on a demo first, and trade it if was a real account, small lots and as little risk as possible. You will know within a few hours if the strategy will work, needs a few tweaks… or is death by 1000 cuts…
To further emphasis, as a “scalper” you care not for support and resistance levels. Levels are designed to be broken.
And certainly as soon as someone says I will look for support on the 4hr chart you know they haven’t a clue what they’re talking about. To scalp you need to trade in the here and now. The only thing that matters is what the price is doing now and time of day. Everything else is simply recycled marketing garbage designed to obliterate newbies account.
@Sandausp, rid yourself of all these indicators, they will do you no good. Just focus on price otherwise you will miss your opportunities each and ever time.
Why didn’t you offer this advice in your original post… this alone will save him some despair…
Price comes back to these levels time and time again in the markets…even when scalping Bob, you need to have warning where price can possibly retrace, continue its trend or whatever price decides to do…it will do…
Current EURUSD Chart (1h) above with S&R levels over the last few days… always helpful even scalping…
The OP is obviously not versed in Price Action… so he is better off to have the S & R levels than be trying to pin the tail on the donkey with a blindfold…
Because I stand by my original advice. Cost of trading destroys accounts, even chasing 10 pips. Here the OP is suggesting single digits. It will destroy him.
I was just following up from your advice which with all due respect I can’t agree with. But thats ok bro 
So what is the difference between a support level on the 4 hour chart or a 1 min chart or a 70 tick chart - none.
And is it a level at an exact price or is it a zone. Personally I have a directional bias over S/R levels. I only care for daily and weekly high/low zones
disagree, random entries would be far superior than placing faith in short timeframe S/R levels.
Bob… lighten up… he wants advice… I’m not going to get into a skull thumping thread as found elsewhere in these forums.The OP asked a question I answered with usable information… Let him demo his idea with a little guidance… he will find out the success rate.
No skull thumping here my friend. I have respect for your views, doesn’t mean I have to agree with them. Hopefully our alternate views allows the OP to achieve this
Ok… here’s my advice… Don’t FEEL… instead, CALCULATE
another question would be, How much experience do your FEELINGS HAVE
what i i mean is
I’m an I.T. Engineer,
When i troubleshoot, sometimes i’ll listen to MY GUT / MY FEELINGS
but the point is… My Gut is an EDUCATED GUT FEELING based on years of experience
compared to the Gut Feeling of a New I.T. Technician , My Gut wins everytime.
so. Your FOREX GUT FEELING… How educated and Experience is that feeling.
because if it’s not, you shouldn’t rely on it
You’re just not going to get better or more appropriate advice than there is in that post from Bob.
Not here, and not anywhere else.
The truth is that you don’t know what you’re doing at all (no shame in that) and are floundering.
You don’t really know what “scalping” is and how it works, so you don’t appreciate why it’s the last thing you should be trying to do.
Every word of Bob’s post above is gold, for you, if you’re able to appreciate it.
And whatever you do, don’t trade with a funded account until you’ve done a minimum of 200 consecutive trades on a demo account without losing money (that should be the policy of all beginners, not just yourself).
Bob… even Laughing Boy concedes that utilising S&R will improve win rates…
It will, for many types of trading, but as conventionally interpreted and used by forex traders, it’s way less relevant and significant to scalpers (which I think was one of Bob’s points).
And in any case it’s determined by swings of the price, not by indicators (which was certainly another of his points).
No, No… pretty sure random entries over 4 hour S&R levels on a 1/5 min Chart is what he was referring too…
Ahh… no one mentioned S&R levels are determined by indicators… not in this thread…
ok manyone have many many ideas… that means there are different methods we can use and all of them not suitable for one person.your ideas help me well… I like to scalp. so I should develop it
Search Scalping on Youtube… Where you will find more relevant and demonstrated strategies and information for FREE.
There is hundreds of ways to Scalp, all of them different, some work, most do not.
Just do a LOT of research and demoing before opening a live account…
In my opinion that’s a huge misjudgment, undoubtedly based on your inexperience.
You should avoid it and try to develop other skills.
The one thing that all successful scalpers have in common is many years of successful trading experience, and many thousands of hours of screen-time, BEFORE they tried to become scalpers.
Successful scalping and RETAIL forex trading against a counterparty broker are mutually exclusive things for other reasons, anyway. It’s explained in this post -
That’s fine, as long as you have enough funds to use a direct access broker so that you’re not trading against your own broker. Otherwise there’s no point at all, and the only outcome can be frustration and losses.
And as long as you have the requisite skills (which take years for anyone to develop, as Charles rightly mentioned.)
Scalping’s too difficult and too specialized for me, but I wish you good luck with it, if you want to try.
Your strategy is too conservative. This strategy doesn’t give the market any option to breathe. A little movement will hit your SL or TP. It’s not an ideal strategy. Give the market a space to move. Take a break, rethink and and make a new strategy.